September 23, 2019 GBPJPY short position. Realized profit: 7,7%
After a pullback that lasted for two months, price corrected back to weekly dynamic support of the 12 EMA and the previous broken resistance level of 135,50. The entry presented itself when price broke an ascending channel to continue its down-trend.
After the break-out with momentum all our strategy prerequisites and bespoke indicators were giving us the green light that this trend would now continue its down-trend. The trade ticked off a clean 80% score on our ‘pre-flight’ checklist and is the 2nd strategy in our arsenal.
So far one entry managed as a hybrid, meaning a quick 1:1 and an open position at break-even still running risk free. Let's see how far this trade can make it.
As can be seen by the larger symmetrical triangle on the monthly and quaterly chart, price was rejecting the lower trend line and is most likely on its way to the upper trend line. Hence this run down was just a pull-back back to value. Still a very decent profit!
Price eventually found support and knocked us out for a decent 7,7% profit.
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